If the glory days are very much in thepast, the numbers suggest that investors are slowly regaining their appetite after the initial shock of the Arab spring.
Although the conglomerate discount is not usually as extreme as that, its sharp increase in thepast year is one of the main reasons companies are regaining their enthusiasm for spin-offs, says Carsten Stendevad of Citigroup.
The city's benchmark Hang Seng Index has risen 8% in thepast two months, and Hong Kong is showing signs of regaining its IPO crown after losing the top spot for the first time in four years in 2012.